Commission Statements
BancTec’s commission processing solution enables brokers to automatically capture, process, archive and query incoming commission statements quickly and effectively.
Financial services brokers receive commission statements from a wide variety of financial services organisations as payment for selling investments, mortgages, pensions and insurance policies. The manual burden of processing these statements, which can run into several thousand per day, is vast. Our commission statement management solution enables brokers to re-direct manual processing staff onto more customer facing activities.
Without having to perform any pre-sorting tasks, all commission statements are scanned using professional document scanners selected for the appropriate volumes. The BancTec solution automatically recognises which insurance vendor the statement is from and extracts each line item held on the statement, including product and commission value. This data is verified and exported to the appropriate sales or accounting system, saving substantial manual data entry tasks. Digital images of each statement can be archived for later retrieval, eliminating the need to store the paper originals and resolving commission queries in a timely manner.
